SECTION 1.  Section 3(d) of chapter 94G of the General Laws, as so appearing in the 2018 Official Edition, is hereby amended, by inserting, after the phrase “5 years” the following:-

; provided further, that at least 1 per cent authorized under this section shall be designated for the Massachusetts Cannabis Social Equity Trust Fund pursuant to section 2DDDDD of chapter 29. 

SECTION 2.  Chapter 29 of the General Laws, as so appearing in the 2018 Official Edition, is hereby amended by inserting the following new section:-

Section 2DDDDD.  (a) There shall be established on the books of the commonwealth a separate fund to be known as the Massachusetts Cannabis Social Equity Trust Fund to support the cannabis social equity small business program. There shall be credited to the fund revenues received pursuant to section 3 of chapter 94G, and any other federal reimbursements, grants, premiums, gifts, interest or other contributions from any public or private sources received that are specifically designated to be credited to the program. 

(b) The secretary of housing and economic development shall be the trustee of the fund. Expenditures from the fund shall be made to support the cannabis social equity small business program, including but not limited to: (i) costs of the cannabis social equity small business program; (ii) no interest loans to cannabis social equity small business program participants to assist and support the development and launching of a cannabis-related business in the commonwealth; and (iii) other services needed by the cannabis social equity small business program to support program operations and development.

(c) The cannabis control commission may incur expenses and the comptroller may certify amounts for payment in anticipation of expected receipts provided, however that no expenditure shall be made from the fund which shall cause the fund to be deficient at the close of a fiscal year.  Amounts credited to the fund shall not be subject to further appropriation and money remaining in the fund at the close of a fiscal year shall not revert to the General Fund and shall be available for expenditure in subsequent fiscal years.  The commissioners shall report annually, not later than October 1 on the fund’s activity to the senate and house chairs on the joint committee on marijuana policy, the senate and house chairs on the joint committee on economic development and emerging technologies and the house and senate committees on ways and means.  The report shall include, but not be limited to: (i) revenue received by the fund; and (ii) expenditures from the fund, including the recipient, date and reason for expenditure.